Flutter Entertainment delivers 'strong second quarter' after switching primary stock market listing to New York

The group said its performance in the UK and Ireland was driven by continued momentum in iGaming, a positive European Football Championship and favourable sports results.

Peter Jackson, the CEO, commented: “Flutter delivered another strong quarter, beating consensus and increasing our revenue and adjusted EBITDA (earnings before interest, taxation, depreciation and amortisation) guidance as we continued to capitalise on our global scale.

“Our US performance was excellent in new and existing states reflecting our disciplined approach to customer acquisition and our best-in-class product, which offers our sportsbook customers the best pricing in the market.

"We continue to make improvements to our proprietary product offering which drove the proportion of live betting handle to be more than 400 basis points higher than last year during the NBA (National Basketball Association) playoffs, while we also increased our MLB (Major League Baseball) parlay penetration.

“The returns we are seeing give us the confidence to continue driving customer acquisition in the second half, building a bigger business, which bodes well for 2025 and beyond.

"We look forward to setting out this growth potential in more detail, and the capital allocation opportunities that will unlock, at our Flutter Investor Day in New York on September 25.

“Outside of the US, we delivered an engaging offering during the European Football Championships, as over four million customers placed a bet on the tournament, with results during the tournament very favourable for us.

"We enhanced our Same Game Parlay experience in UK and Ireland with the addition of QuickBuild, and launched a first-to-market version in Italy. We also expanded our iGaming portfolio with new exclusive content driving market share gains.

He added: “We achieved important milestones during Q2 (the second quarter), as the NYSE (New York Stock Exchange) became our primary listing and we moved our operational headquarters to New York.

"This reflects the importance of the US market to Flutter and our view that the US is the natural home for our business.”

Analysts from Goldman Sachs said: “Overall, we view this as a strong quarter and would expect the print to be received well by investors. While the beat and raise is admittedly supported by favourable sports results, underlying revenue trends in the US and structural win margins were also better-than-expected.”

In a note, analysts at Morgan Stanley said Flutter's strong second quarter and the increase to its US and ex-US guidance “spoke to both its strengthening US leadership position and the benefits of global scale and diversification”.